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Unmasking Crypto Fraudsters: South Korean Police Crack Down on Scams Targeting Housewives and Office Workers

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South Korean law enforcement authorities have made significant inroads in their fight against crypto scams that prey on vulnerable individuals. Recently, a suspected fraudster was arrested by the police in Gimpo, Gyeonggi Province. The suspected scammer, who purportedly targeted housewives and office workers, is now facing charges related to defrauding victims of around $218,000.

After an extensive investigation, the 38-year-old suspect was handed over to prosecutors, who will be filing charges related to the fraud. According to a report from SBS, the victims were lured in with promises of huge profits and guaranteed high returns on investment. The suspect tricked them by urging them to buy cryptocurrency from an overseas platform. Unfortunately, the victims were left empty-handed, receiving neither the initial investment nor the promised returns.

From September 2019 to August 2022, suspected scammers used various tactics to trick their targets. He disguises himself as the director of a well-known stock trading company, using a different identity to lure more victims. At times, he has portrayed himself as a successful crypto trader and even disguised himself as a well-qualified civil servant. Its modus operandi involves investing and crypto-themed group chats on the KakaoTalk platform, explicitly targeting housewives and office workers looking for investment opportunities.

The suspect’s previous contact with the law was hindered when he transferred funds to an overseas cryptocurrency exchange, forcing investigators to abandon their investigation. In a bold move, the scammer claims he will invest in tokens that are expected to be listed on major exchanges. Instead, he squandered his victims’ funds by gambling in crypto-powered online casinos. This latest arrest follows the creation of a special unit to fight crypto fraud in South Korea as the country grapples with a surge in fraudulent activity and the illegal use of cryptocurrencies in the drug trade.

The arrest of this suspected crypto fraudster is a significant milestone in South Korea’s ongoing battle against fraudulent schemes that exploit unsuspecting individuals, especially housewives and office workers seeking financial opportunities. With the establishment of a special unit fighting crypto fraud and intensified efforts by law enforcement agencies, the country aims to curb the rising tide of crypto-related scams and protect its citizens from falling victim to such scams.

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